V.E.M. CONSULT: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
V.E.M. CONSULT
Largest movements
- Receivables within one year -€796,306
down €796,306 (-35.4%), from €2.2m to €1.5m
of which Other amounts receivable: -€800,947
- Financial fixed assets +€190,001
up €190,001 (+137%), from €138,605 to €328,606
- Tangible fixed assets -€143,256
down €143,256 (-3.3%), from €4.4m to €4.2m
of which Land and buildings: -€120,408
- Deferred charges and accrued income +€91,619
up €91,619 (+365%), from €25,110 to €116,729
- Stocks and contracts -€89,365
down €89,365 (-7.2%), from €1.2m to €1.1m
- Short-term financial debts -€646,725
down €646,725 (-20.6%), from €3.1m to €2.5m
- Provisions +€345,720
up €345,720 (+86.3%), from €400,523 to €746,243
of which Provisions for liabilities and charges: +€358,503
- Debts after one year -€303,727
down €303,727 (-22.8%), from €1.3m to €1.0m
of which Financial debts: -€178,727
- Gross operating margin +€424,617
up €424,617 (+550%), from €77,145 to €501,762
- Provisions +€358,503
new in 2025: €358,503
- Financial charges -€19,276
down €19,276 (-9.3%), from €207,982 to €188,706
- Financial income +€10,103
up €10,103 (+7.7%), from €131,987 to €142,090
- Depreciation +€8,123
up €8,123 (+5.9%), from €137,010 to €145,132
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,039,578 | €7,348,544 | -€691,034 | -8.6% |
| Fixed assets | 21/28 | €4,515,869 | €4,562,613 | +€46,744 | +1.0% |
| Tangible fixed assets | 22/27 | €4,377,264 | €4,234,008 | -€143,256 | -3.3% |
| Land and buildings | 22 | €4,220,128 | €4,099,721 | -€120,408 | -2.9% |
| Plant, machinery and equipment | 23 | €18,335 | €21,080 | +€2,745 | +15.0% |
| Furniture and vehicles | 24 | €99,066 | €72,259 | -€26,808 | -27.1% |
| Other tangible fixed assets | 26 | €39,734 | €40,948 | +€1,214 | +3.1% |
| Financial fixed assets | 28 | €138,605 | €328,606 | +€190,001 | +137% |
| Current assets | 29/58 | €3,523,710 | €2,785,931 | -€737,778 | -20.9% |
| Stocks and contracts in progress | 3 | €1,234,182 | €1,144,817 | -€89,365 | -7.2% |
| Stocks | 30/36 | €1,234,182 | €1,144,817 | -€89,365 | -7.2% |
| Amounts receivable within one year | 40/41 | €2,248,307 | €1,452,001 | -€796,306 | -35.4% |
| Trade receivables | 40 | €19,814 | €24,455 | +€4,641 | +23.4% |
| Other amounts receivable | 41 | €2,228,493 | €1,427,547 | -€800,947 | -35.9% |
| Cash at bank and in hand | 54/58 | €16,111 | €72,384 | +€56,273 | +349% |
| Deferred charges and accrued income | 490/1 | €25,110 | €116,729 | +€91,619 | +365% |
| Total equity and liabilities | 10/49 | €8,039,578 | €7,348,544 | -€691,034 | -8.6% |
| Equity | 10/15 | €2,562,841 | €2,513,572 | -€49,269 | -1.9% |
| Contributions | 10/11 | €775,000 | €775,000 | = | 0.0% |
| Reserves | 13 | €1,526,205 | €1,487,857 | -€38,348 | -2.5% |
| Tax-exempt reserves | 132 | €1,209,885 | €1,171,537 | -€38,348 | -3.2% |
| Distributable reserves | 133 | €316,320 | €316,320 | = | 0.0% |
| Profit (loss) carried forward | 14 | €261,635 | €250,715 | -€10,921 | -4.2% |
| Provisions and deferred taxes | 16 | €400,523 | €746,243 | +€345,720 | +86.3% |
| Provisions for liabilities and charges | 160/5 | - | €358,503 | +€358,503 | |
| Taxes | 161 | - | €358,503 | +€358,503 | |
| Deferred taxes | 168 | €400,523 | €387,740 | -€12,783 | -3.2% |
| Amounts payable | 17/49 | €5,076,215 | €4,088,729 | -€987,485 | -19.5% |
| Amounts payable after more than one year | 17 | €1,330,833 | €1,027,106 | -€303,727 | -22.8% |
| Financial debts | 170/4 | €880,833 | €702,106 | -€178,727 | -20.3% |
| Other amounts payable | 178/9 | €450,000 | €325,000 | -€125,000 | -27.8% |
| Amounts payable within one year | 42/48 | €3,743,617 | €3,059,858 | -€683,758 | -18.3% |
| Current portion of amounts payable after more than one year | 42 | €192,061 | €187,061 | -€5,000 | -2.6% |
| Financial debts | 43 | €3,146,725 | €2,500,000 | -€646,725 | -20.6% |
| Credit institutions | 430/8 | €3,146,725 | €2,500,000 | -€646,725 | -20.6% |
| Trade debts | 44 | €3,245 | €37,790 | +€34,545 | +1,065% |
| Suppliers | 440/4 | €3,245 | €37,790 | +€34,545 | +1,065% |
| Taxes, remuneration and social security | 45 | €30,012 | €10,115 | -€19,897 | -66.3% |
| Taxes | 450/3 | €30,012 | €10,115 | -€19,897 | -66.3% |
| Other amounts payable | 47/48 | €371,574 | €324,892 | -€46,682 | -12.6% |
| Accrued charges and deferred income | 492/3 | €1,765 | €1,765 | = | 0.0% |
| Non-recurring operating income | 76A | - | €42,220 | +€42,220 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,010 | €145,132 | +€8,123 | +5.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €358,503 | +€358,503 | |
| Other operating charges | 640/8 | €19,152 | €12,014 | -€7,137 | -37.3% |
| Gross operating margin | 9900 | €77,145 | €501,762 | +€424,617 | +550% |
| Operating profit (loss) | 9901 | -€79,016 | -€13,887 | +€65,129 | +82.4% |
| Financial income | 75/76B | €131,987 | €142,090 | +€10,103 | +7.7% |
| Recurring financial income | 75 | €131,987 | €142,090 | +€10,103 | +7.7% |
| Financial charges | 65/66B | €207,982 | €188,706 | -€19,276 | -9.3% |
| Recurring financial charges | 65 | €207,982 | €188,706 | -€19,276 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | -€155,011 | -€60,503 | +€94,508 | +61.0% |
| Transfer from deferred taxes | 780 | €12,783 | €12,783 | = | 0.0% |
| Income taxes | 67/77 | - | €1,548 | +€1,548 | |
| Profit (loss) for the period | 9904 | -€142,228 | -€49,269 | +€92,960 | +65.4% |
| Transfer from tax-exempt reserves | 789 | €38,348 | €38,348 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€103,880 | -€10,921 | +€92,960 | +89.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.